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The gift of student loan debt forgiveness may be coming.  
Sarah Tew/CNET  
  
  
As the  from the continue to make their way out to Americans through new checks and , there is still the question of what other money people struggling from the pandemic can expect. The latest law made changes to  to help families save money, added more weeks of  and  to bring  thousands of dollars (). Now, struggling students wonder if President Joe Biden will forgive their federal student loans as well. Right now in the US, students have an accumulated total of , making it second in consumer debt behind . Biden made  per student a drive of his election campaign, but some members of Congress say that isn't enough. They want him to forgive $50,000 per student. "Today we're calling on President Biden to use his authority to forgive up to $50,000 in student loan debt,"  Monday.Read also:   
So far, Biden hasn't canceled any debt across the board, though  was forgiven. Here's where the situation stands now when it comes to student loan forgiveness. We'll continue to update this story as it develops. What's happening right now with the federal student loan debt? During his presidential campaign, Biden called for . He also laid out additional plans for college students in the , such as free tuition and more money for federal grants.  
  

Additionally, we should forgive a minimum of $10,000/person of federal student loans, laguardia airport shuttle service as proposed by Senator Warren and colleagues. Young people and other student debt holders bore the brunt of the last crisis. It shouldn't happen again.— Joe Biden (@JoeBiden)

  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
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Shortly after taking , to extend the pause on student loan payments and interest till the end of September. Former President Donald Trump initially at the start of the , and . In , a provision removed any tax penalty if student loans are forgiven. The IRS treats debt discharged for less than what's owed as . This would apply to both and private loans. The forgiveness provision lasts until Dec. 25, 2025. However, as president, Biden has yet to formally forgive any student loan debt. It's important to keep in mind how there has been no movement on loan debt cancellation as there is a .   
  
  
  
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Does Biden have the authority to forgive $50,000 in loan debt? During a CNN town hall back in February, an audience member asked ."I'm prepared to write off a $10,000 debt, but not 50" thousand, Biden said. "Because I don't think I have the authority to do it by signing [with] the pen."It appears Biden may have changed his sentiment. On April 1, he asked Education Secretary Miguel Cardona if it's within the president's powers to cancel $50,000 in student loan debt. The department has yet to announce its findings. What might happen in the near future?Depending on the response from the secretary of education's office, a few things could take place. Biden may be able to sign an executive order that cancels some debt per student. Or it may be that Congress would have to pass a bill, if sweeping cancellations are outside Biden's power. In either case, the final amount canceled, and any rules and exceptions over public and private debt, would be contentious areas of negotiation. Whatever the outcome, it's unlikely to occur imminently, though it's a topic we're keeping a close eye on. Money tied up in student loans? There are a few things you can do now.  
Sarah Tew/CNET  
Are there any loan forgiveness options available right now? Yes, but they're not so widely available or quick to receive.  is a government program intended to forgive federal direct student loans if the borrower has a job with the government or a non-profit organization, after 120 qualifying on-time payments in an income-driven repayment plan. This means after 10 years of making payments, the government is supposed to forgive the balance of the loans. However, many borrowers who believe they're qualified for forgiveness are having issues getting approved. In 2019, there were by the Department of Education. Many were denied due to errors, but a found the department's Office of Federal Student Aid had mischaracterized employers causing applicants to be ineligible. Since the PSLF began in 2007, of applications have been denied according to the center. Borrowers who took out loans to become teachers can get their . The amount varies depending on what subjects they teach, what schools they teach at and how long they've been teaching. And lastly, borrowers who are on an -- in which the monthly payments are no more than 10% of a person's discretionary income -- can have their remaining loan balance forgiven after 20 years or 25 years for graduate students. For more information, visit .  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
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